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VAT and prompt payment discounts
Businesses which currently offer prompt payment discounts (PPD) to their customers need to be aware that there are some changes ahead to the...Read more >
1 Aug 2014
HMRC writes to taxpayers about effective tax rates
HMRC is writing to certain taxpayers to tell them their effective rate of tax is lower than average and to ask them to check if it’s r...Read more >
29 Jul 2014
Advisory fuel rates for company cars
New company car advisory fuel rates have been published which took effect from 1 June 2014. HMRC’s website states:Read more >
28 Jul 2014
Prime Charity Penalty Shoot-out
Arguably at times more exciting that the England v. Costa Rica game here is the video of our charity penalty shoot-out held to raise money f...Read more >
8 Jul 2014
Xero hits $100m milestone
Xero, the leading global cloud accounts system for owner managed businesses, has just hit another milestone with annualised recurring revenu...Read more >
19 Jun 2014
Life At Prime
We put together this short video to use when we attended the Solihull Apprenticeship event on 15th May.Read more >
12 May 2014
Contact Prime Today
For confidential advice regarding Capital Gains Tax, please contact us for a free initial meeting.Please Email Us >
Capital Gains Tax
Capital Gains Tax is a tax on the profit you make when you sell an asset. Careful planning of capital asset disposals to utilise your annual personal CGT allowance is essential to minimise your capital gains tax liability. With a personal allowance of £10,600 per tax year, any chargeable gains in excess of this are imposed at the following Capital Gains Tax rates:
- 18 per cent and 28 per cent for individuals (the tax rate you use depends on the total amount of your taxable income and gains)
- 28 per cent for trustees or personal representatives
- 10 per cent for gains qualifying for Entrepreneurs' Relief
Our experts at Prime can advise on the best solutions to manage your asset disposal. From offsetting to investing, transfers to timings, contact Prime for a free initial consultation to discuss your Capital Gains requirements.
CGT on Separation
It is also important to note that you may be subject to paying CGT if you are separating from your partner or spouse. This will depend on whether any capital transfers takes place during the tax year of separation, after separation or after your divorce.
Our fact sheet, CGT on Separation, will provide additional information but for completely confidential CGT advice concerning your own circumstances, please contact Ruth Chapman or Alf Pare at Prime Chartered Accountants.
Call Prime Today - we're here to help
For confidential advice regarding Capital Gains Tax, please contact Ruth Chapman or Alf Pare at Prime.
Coventry - 024 7651 8555 or Solihull - 0121 711 2468